The Invesco Perpetual Corporate Bond fund aims to achieve income and capital growth through investment in UK Fixed Interest investments, including Gilts, Corporate Bonds and Convertible Bonds. It is suitable for an investor who requires exposure to the UK Fixed Interest market, who may require income, and who is prepared to accept a modest level of investment risk.

This fund is managed by Paul Causer and Paul Read, who are joint heads of Fixed Interest at Invesco Perpetual. The fund invests in "Investment Grade" bonds, those rated AAA - BBB by Standard and Poor's, but also makes use of its ability to invest up to 20% of its assets in "speculative" bonds, rated BB - C. The managers believe that maximum returns for investors can be achieved by combining bonds with different risk and return profiles, and altering the makeup of the fund as economic conditions change. Causer and Read place great emphasis on macroeconomic as well as stock specific research.

The fund usually contains around 150 holdings, giving a large degree of diversification. Up to 20% of the fund can be invested in overseas, non-sterling bonds. Exchange risk may be hedged or run depending on the managers' views. The current asset allocation is shown above, and the relative performance of the fund is given in the table below. Please bear in mind that past performance is no guide to the future, the value of investments and any income can go down as well as up and you may not get back the amount you invested.